SHOR » Topics » Cash Flows from initial public offering costs for the three months ended September 30, 2007

This excerpt taken from the SHOR 10-Q filed Feb 9, 2009.

Cash Flows from initial public offering costs for the three months ended September 30, 2007

The previously issued Condensed Consolidated Statement of Cash Flows for the fiscal quarter ended December 31, 2007 contained an understatement of cash provided by operating activities and a corresponding overstatement of cash provided by financing activities which resulted from a classification error for the payment of accrued initial public offering costs. The payment of such costs was classified as operating cash outflows instead of financing cash outflows. As a result, the Company has restated its interim Condensed Consolidated Statement of Cash Flows for six months ended December 31, 2007 as shown below. This adjustment to the Condensed Consolidated Statement of Cash Flows does not affect the Company’s unaudited Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Operations, cash and cash equivalents, or earnings per share.

The following is a summary of the restatement associated with the Company’s unaudited Condensed Consolidated Statement of Cash Flows for the six months ended December 31, 2007, in thousands.

 

     As
previously
reported
    Adjustment     As
restated
 

Cash flows from operating activities:

      

Change in assets and liabilities:

      

Accounts payable

   $ (1,382 )   $ 1,360     $ (22 )
                        

Accrued liabilities and other

     1,300       300       1,600  
                        

Net cash provided by operating activities

     8,779       1,660       10,439  
                        

Cash flows from financing activities:

      

Initial public offering costs

     —         (1,660 )     (1,660 )
                        

Net cash provided by (used in) financing activities

   $ 80,381     $ (1,660 )   $ 78,721  
                        

Noncash investing and financing activities:

      

Reclassification of initial public offering costs from other assets to common stock

   $ 2,866     $ 70     $ 2,936  

 

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Table of Contents
This excerpt taken from the SHOR 10-Q filed Nov 6, 2008.

Cash Flows from initial public offering costs for the three months ended September 30, 2007

The previously issued Condensed Consolidated Statement of Cash Flows for the fiscal quarter ended September 30, 2007 contained an understatement of cash provided by operating activities and a corresponding overstatement of cash provided by financing activities which resulted from a classification error for the payment of accrued initial public offering costs. The payment of such costs was classified as operating cash outflows instead of financing cash outflows. As a result, the Company has restated its interim Condensed Consolidated Statement of Cash Flows for three months ended September 30, 2007 as shown below. This adjustment to the Condensed Consolidated Statement of Cash Flows does not affect the Company’s unaudited Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Operations, cash and cash equivalents, or earnings per share.

 

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Table of Contents

The following is a summary of the restatement associated with the Company’s unaudited Condensed Consolidated Statement of Cash Flows for the three months ended September 30, 2007, in thousands.

 

     As
previously
reported
    Adjustment     As
restated
 

Cash flows from operating activities:

      

Change in assets and liabilities:

      

Accounts payable

   $ (2,554 )   $ 1,200     $ (1,354 )
                        

Accrued liabilities and other

     679       300       979  
                        

Net cash provided by operating activities

     2,231       1,500       3,731  
                        

Cash flows from financing activities:

      

Initial public offering costs

     —         (1,500 )     (1,500 )
                        

Net cash provided by (used in) financing activities

   $ 80,314     $ (1,500 )   $ 78,814  
                        

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this document. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed above in the section entitled “Risk Factors.”

EXCERPTS ON THIS PAGE:

10-Q
Feb 9, 2009
10-Q
Nov 6, 2008

RELATED TOPICS for SHOR:

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